Common use of Reimbursement and Fees Clause in Contracts

Reimbursement and Fees. (a) In consideration for acting as Administrator, the Company shall pay to the Administrator a monthly fee of $65,000 (the “Administrator Fee”), payable on the 20th day of each month, which is intended to compensate the Administrator for the reasonable fees, expenses and taxes paid or incurred by the Administrator and its employees and agents in the ordinary course of business for acting in such role, including (i) salaries and benefits of the Administrator’s employees and agents who perform services for the Company, (ii) overhead, computing and other expenses attributable to services performed by the Administrator for the Company and (iii) the costs of the insurance policies described in Section 3.1(e) (if any). The parties have agreed that the Administrator Fee represents a reasonable allocation, as between the Administrator and the Company, of such amounts, and is also intended by the parties to be sufficient so as to provide a profit to the Administrator. To the extent that amounts paid or incurred by the Administrator and its employees and agents in performing the obligations of the Administrator hereunder (x) constitute extraordinary expenses not contemplated by the Administrator Fee or the License Fee payable pursuant to Section 6(c), (y) are material in amount and (z) can be allocated between the Administrator and the Company in a manner that is practicable and cost effective, then the Company shall reimburse the Administrator for such additional amounts, within fifteen (15) days after receipt of invoices to be submitted to the Company by the Administrator substantiating such additional amounts.

Reimbursement and Fees. (a) In consideration for acting as Administrator, the Company shall pay to the Administrator a monthly fee of $65,000 (the “Administrator Fee”), payable on the 20th day of each month, which is intended to compensate the Administrator for the reasonable fees, expenses and taxes paid or incurred by the Administrator and its employees and agents in the ordinary course of business for acting in such role, including (i) salaries and benefits of the Administrator’s employees and agents who perform services for the Company, (ii) overhead, computing and other expenses attributable to services performed by the Administrator for the Company and (iii) the costs of the insurance policies described in Section 3.1(e) (if any). The parties have agreed that the Administrator Fee represents a reasonable allocation, as between the Administrator and the Company, of such amounts, and is also intended by the parties to be sufficient so as to provide a profit to the Administrator. To the extent that amounts paid or incurred by the Administrator and its employees and agents in performing the obligations of the Administrator hereunder (x) constitute extraordinary expenses not contemplated by the Administrator Fee or the License Fee payable pursuant to Section 6(c), (y) are material in amount and (z) can be allocated between the Administrator and the Company in a manner that is practicable and cost effective, then the Company shall reimburse the Administrator for such additional amounts, within fifteen (15) days after receipt of invoices to be submitted to the Company by the Administrator substantiating such additional amounts. The Administrator shall not have the right to terminate its engagement hereunder as a result of a failure of the Company to pay the Administrator Fee.

Reimbursement and Fees. (a) In consideration for acting as Administrator, the Company shall pay to the Administrator a monthly fee of $65,000 54,200 (the “Administrator Fee”), payable on the 20th day of each month, which is intended to compensate the Administrator for the reasonable fees, expenses and taxes paid or incurred by the Administrator and its employees and agents in the ordinary course of business for acting in such role, including (i) salaries and benefits of the Administrator’s employees and agents who perform services for the Company, (ii) overhead, computing and other expenses attributable to services performed by the Administrator for the Company Company, and (iii) the costs of the insurance policies described in Section 3.1(e) (if any). The parties have agreed that the Administrator Fee represents a reasonable allocation, as between the Administrator and the Company, of such amounts, and is also intended by the parties to be sufficient so as to provide a profit to the Administrator. To the extent that amounts paid or incurred by the Administrator and its employees and agents in performing the obligations of the Administrator hereunder (x) constitute extraordinary expenses not contemplated by the Administrator Fee or the License Fee payable pursuant to Section 6(c), (y) are material in amount amount, and (z) can be allocated between the Administrator and the Company in a manner that is practicable and cost effective, then the Company shall reimburse the Administrator for such additional amounts, within fifteen (15) days after receipt of invoices to be submitted to the Company by the Administrator substantiating such additional amounts.